Regulatory & Technical


Undertakings for Collective Investment in Transferable Securities (UCITS)

UCITS are investment funds, regulated at a European Union (EU) level. In creating a set of common rules and regulations it allows such funds:

  •  to seek a single authorisation in one EU member state, and 
  •  to register for sale and market across EU member states. 

The creation of the UCITS regime furthered the EUā€™s goal of a single market for financial services in Europe and provided a highly effective mechanism for both investors in funds and investment managers creating investment products. The marketing passport for investment funds is one of the most significant developments in European financial services of the last 30 years.

UCITS funds, given their long established and respected rules, are also sold outside the EU and therefore provide a scalable and flexible distribution structure for global investment managers.

The original European Directive (law) upon which the UCITS framework was built was developed in 1985 and has been augmented and added to in subsequent years ā€“ commonly these updates or revisions are referred to as UCITS III, IV and so on.

The UCITS rules are, in effect, product-based regulation and include requirements around allowable investments, liquidity, disclosure, and investor protection, as well as the technical and practical organisation of such funds. Given the detailed and specific nature of the UCITS rules, these funds are suitable for broad spectrum distribution to both retail and institutional investors.

The most recent iteration of the UCITS rules are encompassed in Directive 2014/91/EU (commonly known as UCITS V) on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as regards depositary functions, remuneration policies and sanctions.

In the publications, news and other content on this page you can keep up to date with relevant UCITS developments and the work of the Association in this area.

Find out more about UCITS in Fund Types & Legal Structures.

Related News

16 Jul 2019 ESMA Consultation Paper - Guidelines on performance fees in UCITS Regulatory Updates, UCITS 3 Apr 2019 CBI update to UCITS and AIFMD Q&A following their consideration of Bond Connect Regulatory Updates, AIFMD, UCITS 2 Apr 2019 Irish Funds Spring Newsletter Now Available AIFMD, Brexit, UCITS 2 Jul 2018 Industry response to CP 119 - Consultation on amendments - Central Bank UCITS Regulations Regulatory Updates, UCITS 17 May 2018 Press release: Irish Funds industry net sales breaks new record levels of ā‚¬298bn Press Releases, AIFMD, Brexit, UCITS 21 Nov 2017 Central Bank update to Stock Connect Q&A following settlement system enhancements AIFMD, UCITS 9 Oct 2017 Central Bank of Ireland UCITS & AIFMD Q&A Regulatory Updates, AIFMD, UCITS 21 Sep 2017 European Commission publishes proposed reforms to foster CMU and financial integration Regulatory Updates, AIFMD, Capital Markets Union, UCITS 4 Aug 2017 Regulatory Update: Central Bank Markets Update - Issue 6 Regulatory Updates, UCITS 30 Jan 2017 ESMA issues Opinion on UCITS Share Classes Announcements, Regulatory Updates, UCITS 12 Dec 2016 Central Bank to accept applications for investment via Shenzhen Connect Regulatory Updates, AIFMD, UCITS 28 Sep 2016 Response to the ESMA Call for Evidence on Asset Segregation and Custody Services Regulatory Updates, AIFMD, UCITS 13 Sep 2016 Central Bank Markets Update - September 2016 Regulatory Updates, AIFMD, UCITS 3 Jun 2016 Central Bank Consultation on Fund Management Company Effectiveness Regulatory Updates, UCITS 7 Apr 2016 Regulatory Update: ESMA Publishes Discussion Paper on UCITS share classes Regulatory Updates, UCITS 31 Mar 2016 Regulatory Update: ESMA Publishes UCITS Remuneration Guidelines Regulatory Updates, UCITS 24 Mar 2016 Markets Update: UCITS & AIFMD Q&A, IMR and Umbrella Cash Account Updates Regulatory Updates, AIFMD, UCITS 2 Feb 2016 Updated ESMA Q&A on the application of the UCITS Directive Regulatory Updates, UCITS 23 Oct 2015 Central Bank Publishes Further UCITS Regulations Q&A Regulatory Updates, UCITS 12 Oct 2015 New Irish Funds Brochure ā€“ Liquid Alternatives: Why Ireland for Alternative UCITS Announcements, UCITS 6 Oct 2015 Regulatory Update: Central Bank UCITS Regulations Published Regulatory Updates, UCITS 23 Jul 2015 Regulatory Update: ESMA Consultation Paper on Guidelines on Sound Remuneration Policies Regulatory Updates, UCITS
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